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Sky raises profit guidance by $20m following ‘rigorous cost review’


Sky has found an additional $35 million reduction in operating costs.

Tom Pullar-Strecker/Stuff

Sky has found an additional $35 million reduction in operating costs.

Sky New Zealand has lifted its full year profit guidance by about $20 million after it found savings during a cost review.

In an update to the New Zealand stock exchange on Tuesday morning the company said its net profit after tax guidance for the 2022 financial year increased from between $17.5m to $27.5m to between $40m and $48m.

“Following the completion of the first phase of a rigorous cost review and consideration by the board, Sky New Zealand has today provided significantly improved guidance,” it said.

The revised mid-point earnings range reflected a 96 per cent increase.

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The company had found an additional reduction in operating costs of $35m, including $26m of recurring cost reduction and $9m of one-off savings for the 2022 financial year.

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